France ran out of money last Tuesday

Within days, so will the rest of Europe

It is no coincidence that the twentieth century, the first century of world war, coincided with the first century of central banking. The trade off for protecting its citizens from the global threat was total state control over its citizens’ lives.

It has now been 72 years since the conclusion of WWII. But the military industrial complex has never receded, and the social welfare estate has grown almost exponentially, robbing its citizens of their freedom from acting or thinking without government interference, ‘protecting’ them from threats that really did not require its extensive bureaucracy. And as its populations have lost the memory of their freedom – or in the case of the younger generation, never possessed it – they have also been willing to allow the state to manage human nature itself – their breeding and dying, their sex lives and their commerce, their speech and their thinking.

The end of the European socialist democracy may well be on the horizon, not because of any political revolt, but simply out of sheer exhaustion. The cost of this behemoth has finally become unsustainable. France has run out of money even earlier than it did in previous years, following a tendency established since 1980:

“France is far from alone. All the main European countries…are running out of tax revenue well before the year is over. That is worrying for three reasons. It is reminder that spending is still way too high. It tells us that governments have failed to curb deficits. And it is a warning that next time there is a recession governments won’t have any room to respond with a fiscal boost.”